The Financial Accounting Standards Board declined providing private companies and certain not-for-profit organizations a third date delay to its leases standard, which is scheduled to take effect fiscal years beginning after Dec. 15, 2021.
Kyle Brasseur
Posted inEurope
IAB Europe expecting to be found in violation of GDPR
The European arm of the Interactive Advertising Bureau released a statement acknowledging it expects to be found in violation of the EU’s General Data Protection Regulation regarding its Transparency and Consent Framework.
Posted inFinancial Services
Fed supervision head Randal Quarles to resign
Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board, effective at the end of December.
Posted inAML
Mexico AML chief resigns amid wedding scandal
Santiago Nieto stepped down as head of Mexico’s Financial Intelligence Unit after controversy surfaced regarding a large amount of cash found on a plane carrying guests to his wedding in Guatemala.
Posted inAccounting & Auditing
SEC appoints four to overhauled PCAOB; Erica Williams named chair
The SEC appointed Erica Williams to serve as chairperson of the newly overhauled PCAOB. Kara Stein, Christina Ho, and Anthony Thompson will join as new additions, while Acting Chair Duane DesParte will remain on as a board member.
Posted inBoards & Shareholders
OCC acting head: 5 climate questions bank boards should be asking
Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.
Posted inRegulatory Enforcement
Supreme Court declines challenge to SEC’s Bank Secrecy Act authority
The Supreme Court turned down a bid by brokerage firm Alpine Securities Corp. petitioning for review of the Securities and Exchange Commission’s power to enforce the Bank Secrecy Act.
Posted inEurope
Credit Suisse to overhaul strategy: ‘Risk management will be at the core of our actions’
Credit Suisse announced sweeping changes to its long-term growth strategy, reemphasizing risk management after missed red flags led to billions of dollars in losses related to the collapses of Archegos Capital Management and Greensill Capital.
Posted inEurope
Banks in crisis at CEO turning to chief risk officers
Two of the largest banks in Europe—Barclays and Danske Bank—have had to make abrupt pivots at the CEO position this year. Each has chosen to pass the baton to their former chief risk officer.
Posted inWhistleblowers
SEC awards whistleblower extra $2M for DOJ action
The Securities and Exchange Commission announced a second award to a whistleblower after their information provided led to a successful related action by the Department of Justice.
